CoW DAO Treasury Report for September 2023

Treasury
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We’re pleased to present our Monthly Report on the CoW DAO Treasury for September 2023!

September highlights

September was a relatively quiet month, with existing investments and positions yielding expected returns. However, with emerging opportunities on the horizon for Gnosis Chain, the treasury is poised to capitalise on them as they materialise. Here’s a summary of the month’s executed actions:

  • Claim rewards
  • Swap BAL, AURA, and COMP rewards for DAI

Results

The treasury operations generated approximately $17K in farming results. The overall APR impact was predominantly influenced by a general downtrend in yields, particularly noticeable in liquid staking solutions.

We regret any inconvenience caused by a minor delay in publication, which was due to a technical issue. Your questions, comments, and suggestions are always welcome.

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how can farming results be negative (the eure/x3crv position)?

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There was a loss due to a mistake when deploying the pool. It had protocol fees on the rate provider, which means that they took a 50% off every time that EUR appreciated vs the dollar. The pool was already set in recovery mode (turning fees off) and was redeployed without protocol fees and using sDAI instead of staBAL3. Since this was a mistake, Balancer will distribute back these fees to LPs, so we can expect this to be recovered over the next month. You can read with further detail here. In any case, the unclaimed rewards offset the loss.

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